2002 (11) TMI 793 - HC - Income Tax

Summary

The Delhi High Court dismissed the Revenue's appeal under s. 260A of the IT Act, 1961 against the Tribunal's order regarding the assessment year 1995-96. The Tribunal found that initiating action under s. 147(a) was not valid and allowed the assessee to claim depreciation at 40% on vehicles leased out. The Court upheld the Tribunal's decision, stating that no new information justified reopening the assessment. The appeal was dismissed as no substantial question of law arose.